Suntory Holdings Limited February 14, 2020 SUMMARY OF ... · BOSS. brand, in addition to actively...

Suntory Holdings Limited February 14, 2020SUMMARY OF CONSOLIDATED FINANCIAL STATEMENTS AS OF DECEMBER 31, 2019 [IFRS] (English Translation, UNAUDITED)

Company Name: Suntory Holdings Limited (URL: https://www.suntory.com/) Representative: Takeshi Niinami, President Contact: Hiroshi Kato, Head of Public Relations Public Relations Office: Tel:+81(0)3 5579-1150 Tel:+81(0)6 6346-0835 (Fractions of millions have been truncated)1. Consolidated operating results and financial positions for the fiscal year

(January 1, 2019 - December 31, 2019) (1) Operating results (% figures represent change from the same period of the previous fiscal year)

Revenue (including excise taxes)

Revenue (excluding excise taxes)

Operating income

Profit before income taxes

Profit for the year

Profit attributable to owners of the Company

Fiscal year ended ¥million % ¥million % ¥million % ¥million % ¥million % ¥million % December 31, 2019 2,569,230 2.1 2,294,704 2.0 259,646 3.5 241,505 3.9 182,435 0.6 140,940 0.6 December 31, 2018 2,517,258 4.0 2,250,782 4.3 250,859 (1.1) 232,347 2.4 181,387 (28.0) 140,151 (33.7) Reference: Adjusted operating income for the fiscal year ending December 31, 2019 258,519\million 3.0 % Adjusted operating income for the fiscal year ending December 31, 2018 250,955\million (1.8) % Adjusted operating income was calculated as operating income excluding non-recurring items.

Basic earnings per share Diluted earnings per share Profit ratio to equity

attributable to owners of the Company

Profit before income taxes ratio to total assets

Operating income ratio to revenue (excluding excise

taxes) Fiscal year ended ¥ ¥ % % % December 31, 2019 205 .53 － 10.6 5.4 11.3 December 31, 2018 204 .39 － 11.3 5.2 11.1 (2) Financial positions

Total assets Total equity Equity attributable to owners of the Company

Equity attributable to owners of the Company

ratio

Equity per share attributable to owners of

the Company Fiscal year ended ¥million ¥million ¥million % ¥ December 31, 2019 4,516,779 1,793,887 1,398,534 31.0 2,039 .41 December 31, 2018 4,421,864 1,651,689 1,272,770 28.8 1,856 .01 (3) Cash flows

Operating activities

Investing activities

Financing activities

Cash and cash equivalents at the end of the year

Fiscal year ended ¥million ¥million ¥million ¥million December 31, 2019 321,613 (120,525) (218,969) 255,302 December 31, 2018 250,384 (104,196) (232,938) 272,425

2. Dividends

Dividends per share (Annual)

Total cash dividends (Annual)

Dividend payout ratio (Consolidated)

Ratio of dividends to equity attributable

to owner of the Company Fiscal year ended Yen Millions of yen % % December 31, 2019 13 .00 8,914 6.3 0.7 December 31, 2018 13 .00 8,914 6.4 0.7

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3. Consolidated earnings forecast for the fiscal year ending December 31, 2020

(January 1, 2020 - December 31, 2020)



Operating income

Profit before income taxes

Profit attributable to owners of the Company

Basic earnings per share

Fiscal year ended ¥million % ¥million % ¥million % ¥million % ¥million % ¥ December 31, 2020 2,640,000 2.8 2,360,000 2.8 260,000 0.1 243,000 0.6 130,000 (7.8) 189 .57 Reference: Adjusted operating income for the fiscal year ending December 31, 2020 266,000\million 2.9％

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Operating Results

1. Overview of the Twelve-Month Period Ended December 31, 2019

The Suntory Group has actively expanded business in each of three segments,

“Beverages and foods,” “Alcoholic beverages,” and “Others,” both domestically and

abroad. In the fiscal year under review, revenue (excluding excise taxes) grew by 2.0%

over the same period of the previous year to 2.2947 trillion yen, while revenue

(including excise taxes) came to 2.5692 trillion yen, an increase of 2.1% from the same

period of the previous year. Operating income rose by 3.5% to 259.6 billion yen, and

profit attributable to owners of the Company was 140.9 billion yen, up 0.6% over the

same period of the previous year.

<Beverages and foods Segment>

Suntory Beverage & Food Limited focused on strengthening brands and creating

new demand with the aim of proposing unique, high-quality products that capture the

customer's tastes and needs to further enrich customer lifestyles, as well as on

improving product quality. Furthermore, the company focused on strengthening its

business foundations in each area for sustained growth in the future.

In Japan, although the company aimed to create new demand by strengthening core

brands, mainly in the categories of water, coffee, and sugar-free tea again this year,

sales volume fell below its level for the same period of the previous year. Still, it

outpaced the soft drink market, which is estimated to have declined year on year due to

the end of the rainy season being delayed, among other factors. Suntory Tennensui fell

year on year due to the impact of poor weather in July. In the BOSS brand, in addition

to actively expanding marketing activities for canned coffee, we grew the Craft BOSS

series, and the sales volume for the brand as a whole recorded year-on-year growth. In

the sugar-free tea category, although the sales volume of Iyemon fell year on year, the

sales volume of Green DAKARA Yasashii Mugicha increased substantially.

Furthermore, in addition to conducting active marketing activities for products such as

Tokucha, which is a specified health food, and Iyemon Plus for Cholesterol Control,

which is a food with functional claims, efforts were made to increase revenue, such as

revising the prices of certain products in May. Furthermore, the company engaged in

the establishment of a high added-value and high revenue model, structural reform of

SCM and structural reform of the vending machine business as medium-term structural

reforms aimed at increasing profitability. Structural reform of the vending machine

business will require time for results to appear as initially anticipated, but the

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establishment of a high added-value and high revenue model and structural reform of

SCM have steadily produced results. Furthermore, in addition to engaging in ongoing

activities to reduce costs, marketing and advertising expenses decreased compared to

the same period of the previous year.

In Europe, sales volume in France fell below the level of the same period of the

previous year for the flagship Oasis brand, due to the impact of the market slowdown,

but sales volume of Orangina was at generally the same level as the previous year. In

the United Kingdom, the sales volume for Lucozade continued on a trend of recovery

and exceeded the level of the same period of the previous year. In Spain, sales volume

of the flagship Schweppes brand increased year on year, driven by the off premise

channel, but difficulties in the on-premise channel with high unit prices led to sales for

Spain as a whole falling compared to the same period of the previous year.

In Asia, products such as the Sting energy drink and TEA+ performed well in

Vietnam, and the flagship PEPSI performed well in Thailand, with sales in the soft

drinks business all exceeding the same period of the previous year. Furthermore, in

Thailand and Vietnam, we launched the goodmood flavored water, which has been

well received in Indonesia. In the health food business, we made stronger marketing

efforts for BRAND'S Essence of Chicken and others mainly in the core market of

Thailand, and also proceeded to review our distribution policy.

In Oceania, we engaged in strengthening of marketing for energy drinks including V

in the soft drinks business, and continued efforts to strengthen flagship brands such as

TOBY’S ESTATE, L’AFFARE and Mocopan in the fresh coffee business.

In Americas, in addition to further strengthening sales of flagship carbonated

beverage brands, we also focused on the growing category of non-carbonated drinks,

such as water and coffee beverages.

As a result of the above, revenue for the Beverages and foods Segment increased 0.4% year on year to 1.2917 trillion yen, while operating income rose by 0.3% to 135.7 billion yen. <Alcoholic beverages Segment>

The revenue figures for the Alcoholic beverages Segment exclude excise taxes. Comparable revenue for Beam Suntory Inc., excluding the impact of currency, increased

at a mid-single-digit rate over the same period of the previous year.

Sustained consumer demand for bourbon and premium spirits helped drive strong

growth for Jim Beam, Maker’s Mark and the company’s super-premium small batch

Bourbons. The company’s East-Meets-West competitive advantage was reflected in the

successful launch of Legent bourbon in key markets and Oaksmith whisky in the India

market.

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The company’s Japan business (Suntory Spirits Limited) recorded 7% year-on-year

sales growth. Whiskies delivered strong growth, centered on strategic brands Kakubin, Jim

Beam, Torys, and Maker’s Mark. RTD beverage sales grew volume by 17% year on year,

due to very strong consumer demand for the newly launched Kodawari Sakaba no Lemon

Sour, in addition to the expansion of -196℃ Strong Zero and other canned highball

products, which consumers increasingly enjoy with meals. Also, to inspire consumer

interest with innovative new products, the company launched products including

SUNTORY WORLD WHISKY Ao, Japanese craft vodka HAKU, and Japanese craft liqueur

Kanade.

With the overall beer-type beverage market*1 in Japan estimated to be falling by

around 2% year on year, Suntory Beer Limited’s sales volume was 71.07 million

cases*2, up 2% year on year. The company’s beer category drinks, excluding

alcohol-free beer-type beverages, rose 1% year on year to 63.65 million cases. The Premium Malt’s brand rose 1% year on year to 17.26 million cases. We focused

on the foam, a unique characteristic of beer, by developing the promotion for

“KAMIAWA,” which can be enjoyed at home, when dining out, or even while sitting on

the Shinkansen, and giving consumers the opportunity to experience high-quality

“KAMIAWA.”

In addition to the renewal of existing products in the Kinmugi brand, the new Kinmugi

Gold Lager contributed to a rise of 11% year on year to 38.47 million cases, achieving

a record-high sales volume.

Sales volume for the All-Free brand rose 7% year on year to 7.35 million cases. The

launch of a new cask product for use by all restaurants nationwide, a first in Japan*3,

and the launch of KARADA-WO-OMOU All-Free, which is the first food with functional

claims for the brand, contributed to the increase, resulting in the achievement of the

highest sales volume on record. *1. Beer, including alcohol-free beer-type beverages, on a volume basis *2. Converted to large bottles (1 case = 633ml × 20 bottles) *3. As of February 2019 Suntory survey of major beer manufacturers

Suntory Wine International Limited’s revenue fell 3% year on year. In domestic wine, products such as Sankaboshizai Mutenka no Oishii Wine, which

has the leading sales in the domestic wine market*4, performed strongly, with a 4% year-on-year increase in sales volume. Imported wine was helped by the EU-Japan Economic Partnership Agreement taking effect in February, with strength in European wines such as Freixenet and Baron de Lestac.

*4. Research by SRI: Japanese wine market sales volume and amount January-December 2019 (nationwide total for supermarkets, convenience stores, discount liquor stores, home improvement stores, drugstores, ordinary liquor stores, and liquor wholesalers)

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As a result of the above, revenue (excluding excise taxes) for the Alcoholic beverages

Segment was 773.4 billion yen, up 3.2% year on year, revenue (including excise taxes)

came to 1.0479 trillion yen (up 3.1% year on year), and operating income was 144.3

billion yen (up 8.5% year on year).

<Others Segment>

For Suntory Wellness Limited, the Sesamin series, the skin care product F.A.G.E.

and other products were strong, leading to revenue growing 8% year on year. Revenue

in the restaurant businesses, including DYNAC HOLDINGS CORPORATION and

PRONTO CORPORATION, also grew.

Revenue for the Others Segment was 229.6 billion yen, up 6.9% year on year, and

operating income was 25.8 billion, up 1.6% year on year.

Additionally, the breakdown between domestic and overseas revenues was as follows.


Domestic: 1.3297 trillion yen (up 1.8% year on year)

Overseas: 965.0 billion yen (up 2.2% year on year)

Overseas ratio: 42.1%


Domestic: 1.5288 trillion yen (up 2.0% year on year)

Overseas: 1.0404 trillion yen (up 2.1% year on year)

Overseas ratio: 40.5%

Since our very inception, Suntory has aggressively pursued its interests while also

putting forth initiatives to contribute to culture and society and implement

environmental activities based on Suntory’s founding spirit of “Sharing the Profit with

Society.” In addition, we have made the promise to stakeholders of “Mizu To Ikiru”

(literally “living with water”), and aims to develop various activities while maintaining a

harmonious coexistence between society and nature.

Based on the corporate philosophy of “to create harmony with people and nature,”

the Suntory Group established a Sustainability Vision to face the various issues of the

world more seriously than in the past, and to continue to face the challenge of realizing

a sustainable society. Perceiving the plastic problem to be an important issue, the

Suntory Group has provided strong leadership for the transformation to a

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recycling-oriented and zerocarbon society by formulating a “Plastic Policy.” We aim to

switch all the PET bottles used globally for Suntory products to be made of recycled or

plant-based material by 2030, achieving zero use of virgin petroleum-based materials.

Through initiatives such as the use of lighter packaging materials as well as the use of

FtoP Direct Recycle Technology*5, the first of its kind in the domestic beverage industry,

the Group will continue its activities to reduce the burden on the environment.

Based on the Suntory Group’s Sustainable Water Philosophy, the Suntory Natural

Water Sanctuaries are now present at 21 locations in 15 prefectures nationwide, with a

total space of approximately 12,000 hectares, and enabling us to achieve the goal of

“cultivating water more than double the amount of groundwater pumped up in the

Suntory Group’s plants in Japan” one year ahead of schedule. We are also promoting

activities globally that address local topics, such as the “Mizuiku” education program on

water for the next generation in Vietnam, Thailand and Indonesia, and water source

conservation activities in the United States and France.

In order to promote a decarbonized society and to address climate change, we are

reducing carbon emissions through the introduction of the latest energy-saving

technologies and the use of renewable energy at our facilities as well as in our

operations throughout the value chain.

We are also actively involved in support for reconstruction. The Company disbursed

donations to local governments that suffered significant damage due to Typhoon Faxai

(No. 15 of 2019) and Typhoon Hagibis (No. 19 of 2019). Our reconstruction support

activities for the Great East Japan Earthquake have now reached a cumulative total of

around 10.8 billion yen, while the same activities for the Kumamoto Earthquake have

reached a cumulative total of 400 million yen, and are still ongoing. *5. A technology in which “flake” created by pulverizing and washing recovered PET bottles is treated at

high temperature in a vacuum for a fixed period and which, after being melted and filtered, can be

used to manufacture the preform directly.

2. Forecast for the Next Period

The Suntory Group will strive to respond swiftly to changes in the market

environment to create yet unknown value and work to further enhance growth and

profitability as a global corporate group specializing in food and alcoholic beverages.

We will do this while continuing to aim for harmonious coexistence with society and

nature.

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<Beverages and foods Segment>

Suntory Beverage & Food Limited aims to achieve growth in revenue and income by

engaging in efforts to strengthen its foundations and implement structural reforms in

each of its reporting segments.

In Japan, as various costs continue to rise, creating a harsh business environment,

we will work on further structural reform to improve profitability. In Europe, we will work

on stimulating flagship brands as well as structural reforms such as enhancement of

sales and supply chain management in major countries. In Asia, we will further

strengthen efforts in both the soft drinks business and the health food business. In

Oceania, we will continue to strengthen our soft drinks business, fresh coffee business,

and flagship brands. In Americas, we will proceed to strengthen the flagship

carbonated beverage category while at the same time working to achieve further

expansion in the growing non-carbonated beverage category. We will also continue

efforts to reduce costs.

<Alcoholic beverages Segment>

As the world’s third largest premium spirits company, Beam Suntory Inc. aims to

outperform its global market by leveraging its strong routes to market and building its

premium brands. In Japan, we will aim to expand business by further developing and

strengthening brands centered on major brands such as Jim Beam, Torys, Maker’s

Mark, Teachers, -196°C Strong Zero and Kodawari Sakaba no Lemon Sour.

Furthermore, in order to enable customer to enjoy delicious alcoholic beverages even

more, we will engage in activities focused on quality from product development to the

consumption, and conduct active marketing activities such as selling new products

providing new value.

Suntory Beer Limited will create new demand and work on revitalization of the

overall beer-type beverage market by proposing new value as well as increasing the

value of brands such as Kinmugi, The Premium Malt’s and All Free. The company

revamped the Kinmugi brand line, including Kinmugi, Kinmugi 75% Less Carbohydrate

and Kinmugi Gold Lager, seeking a balance of the flavor from malt and easiness to

drink, to enable people to enjoy the beverages with everyday meals. In addition, this

spring, we will begin highlighting the drinking value of a new Kinmugi brand by offering

Shiki no Kinmugi (Kin-Mugi by offering products tailored to the four seasons of Japan)

providing a different flavor to match each season. With The Premium Malt’s brand, we

will continue marketing the popular “KAMIAWA” in an effort to change customers’ standard for selecting beer to be based on foam. By simultaneously revamping The

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Premium Malt’s and Premium Malt’s Kaoru Ale, we will seek to offer better flavor and

foam quality. The content and packaging of All Free will be upgraded to offer a more

refreshing beer taste as a drink for refreshment. In addition, we will seek to further

expand the “highly functional” market by actively promoting the popular KARADA WO

OMOU All-Free, which is a food with functional claims.

Suntory Wine International Limited is a wine maker with its own vineyards in Japan

and Europe and also a distributor that handles high-quality wines from around the

world. In Japan, we will also work on creating new demand by actively investing in new

domestic casual wine products. Furthermore, we will work to expand our line-up of

organic wines in major brands of European wine gaining attention due to the EU-Japan

Economic Partnership Agreement entering into force.

<Others Segment>

Suntory Wellness Limited will continue to focus on the Sesamin series, the skin care

product F.A.G.E., and other products. Additionally, we will actively develop the

businesses of DYNAC HOLDINGS CORPORATION and PRONTO CORPORATION.

As a result of these activities, our forecast for revenue by segment is 1.33 trillion yen

in the Beverages and foods Segment (up 3.0% year on year), 796 billion yen excluding

excise taxes in the Alcoholic beverages Segment (up 2.9% year on year), 1.076 trillion

yen including excise taxes in the Alcoholic beverages Segment (up 2.7% year on year),

and 234 billion yen in the Others segment (up 1.9% year on year).

All these things considered, in the fiscal year ending December 31, 2020, the Group

is forecasting revenue (excluding excise taxes) of 2.36 trillion yen (up 2.8% year on

year), revenue (including excise taxes) of 2.64 trillion yen (up 2.8% year on year),

operating income of 260 billion yen (up 0.1% year on year), and profit attributable to

owners of the Company of 130 billion yen (down 7.8% year on year).

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Consolidated statement of financial position （Millions of yen）

As at December 31, 2018 As at December 31, 2019

Assets Current assets: Cash and cash equivalents 272,425 255,302 Trade and other receivables 405,556 408,893 Other financial assets 3,671 12,344 Inventories 415,841 435,501 Other current assets 68,231 63,797

Sub-total 1,165,726 1,175,840 Assets held for sale 27 187 Total current assets 1,165,753 1,176,028

Non-current assets: Property, plant and equipment 696,103 708,663 Right-of-use assets － 97,359 Goodwill 867,986 857,328 Intangible assets 1,422,962 1,405,341 Investments accounted for using the equity method 42,411 46,217 Other financial assets 120,483 122,950 Deferred tax assets 71,300 73,729 Other non-current assets 34,861 29,161 Total non-current assets 3,256,110 3,340,751

Total assets 4,421,864 4,516,779

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（Millions of yen）

As at December 31, 2018 As at December 31, 2019

Liabilities and equity Liabilities Current liabilities: Bonds and borrowings 243,396 148,861 Trade and other payables 529,616 564,412 Other financial liabilities 98,190 121,775 Accrued income taxes 24,499 27,432 Provisions 16,490 13,985 Other current liabilities 84,765 86,327 Total current liabilities 996,959 962,794

Non-current liabilities: Bonds and borrowings 1,348,629 1,278,013 Other financial liabilities 66,286 126,683 Post-employment benefit liabilities 40,670 43,618 Provisions 7,190 6,882 Deferred tax liabilities 288,542 289,537 Other non-current liabilities 21,895 15,362 Total non-current liabilities 1,773,215 1,760,098

Total liabilities 2,770,175 2,722,892 Equity

Share capital 70,000 70,000 Share premium 133,944 133,909 Retained earnings 1,198,492 1,329,315 Treasury shares (938) (938) Other components of equity (128,728) (133,752) Total equity attributable to owners of the Company 1,272,770 1,398,534 Non-controlling interests 378,918 395,352 Total equity 1,651,689 1,793,887

Total liabilities and equity 4,421,864 4,516,779

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Consolidated statement of profit or loss （Millions of yen）

Year ended December 31, 2018 Year ended December 31, 2019

Revenue (including excise taxes) 2,517,258 2,569,230 Less: excise taxes (266,475) (274,525) Revenue (excluding excise taxes) 2,250,782 2,294,704 Cost of sales (1,172,720) (1,199,321) Gross profit 1,078,062 1,095,383 Selling, general and administrative expenses (832,899) (840,306) Gain on investments accounted for using the equity method 7,916 8,703 Other income 18,888 15,825 Other expenses (21,108) (19,959) Operating income 250,859 259,646 Finance income 6,305 4,008 Finance costs (24,817) (22,148) Profit before income taxes 232,347 241,505 Income tax expenses (50,959) (59,070) Profit for the year 181,387 182,435

Attributable to: Owners of the Company 140,151 140,940 Non-controlling interests 41,236 41,494 Profit for the year 181,387 182,435

Earnings per share (Yen) 204.39 205.53 Reconciliation from operating income to adjusted operating income （Millions of yen）


Operating income 250,859 259,646 Restructuring charges (12,173) (160) Losses from natural disaster 2,432 2,587 Insurance income (975) (9,795) Impairment losses and reversal of impairment losses 3,498 4,214 Gain on disposals of shares in subsidiaries and associates 4,012 1,036 Other 3,301 991 Total 96 (1,126) Adjusted operating income 250,955 258,519

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Consolidated statement of cash flows


Cash flows from operating activities Profit before income taxes 232,347 241,505 Depreciation and amortization 98,417 121,506 Impairment losses (reversal of impairment losses) 4,318 2,623 Interest and dividend income (2,435) (2,771) Interest expense 22,970 21,547 Gain on investments accounted for using the equity method (7,916) (8,703) Increase in inventories (14,118) (20,516) Increase in trade and other receivables (9,990) (3,968) Increase in trade and other payables 11,409 20,033 Other (6,327) 23,777

Subtotal 328,676 395,032 Interest and dividends received 6,988 6,932 Interest paid (24,217) (23,785) Income taxes paid (61,061) (56,565) Net cash inflow from operating activities 250,384 321,613

Cash flows from investing activities Purchases of property, plant and equipment and intangible assets (110,712) (120,814)

Proceeds from sales of property, plant and equipment and intangible assets 5,741 3,075

Payments for acquisition of investment securities (1,404) (2,016) Proceeds from sales of investment securities 3,539 603 Payments for acquisition of shares in subsidiaries involving changes in the

scope of consolidation (26,890) (925)

Proceeds from disposals of shares in subsidiaries involving changes in the

scope of consolidation 24,216 －

Other 1,313 (446) Net cash outflow from investing activities (104,196) (120,525)

Cash flows from financing activities Increase (decrease) in short-term borrowings 405 (7,826) Proceeds from long-term borrowings 112,937 195,754 Repayment of long-term borrowings (311,123) (343,072) Payments of finance lease liabilities (10,014) (31,444) Proceeds from disposals of treasury shares 159 － Dividends paid to owners of the Company (8,913) (8,914) Dividends paid to non-controlling interests (16,388) (23,605) Other (0) 141 Net cash outflow from financing activities (232,938) (218,969)

Net increase (decrease) in cash and cash equivalents (86,750) (17,881) Cash and cash equivalents at the beginning of the year 359,518 272,425 (Opening balance on the consolidated statement of financial position) Reclassification of cash and cash equivalents included in assets held for

sale in the opening balance 3,439 －

Cash and cash equivalents at the beginning of the year 362,958 272,425 Effects of exchange rate changes on cash and cash equivalents (3,782) 758 Cash and cash equivalents at the end of the year 272,425 255,302

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Segment Information (1) Overview of reportable segments

The reportable segments are components of the Group for which separate financial information is available and regularly reviewed by management to make decisions about the allocation of resources and to assess segment performance. The Group applies a holding company structure and operating companies have been established by product or service. The management of each operating company focuses on the type of products and services delivered or provided when establishing its own strategy for domestic and international operations. Therefore, the Group determined and identified “Beverages and foods” and “Alcoholic beverages” as a reportable segment based on the types of products and services delivered or provided. The classification of the Group’s primary products and services have been defined as below.

Reportable segment Primary products

Beverages and foods Non-alcoholic beverages, healthy drinks, processed foods, other products

Alcoholic beverages Spirits, beer, wine and other alcoholic beverages

Others Healthy foods, ice cream, restaurants, flowers, operations in China and other operations

(2) Profit or loss for each reportable segment

Profit or loss for each reportable segment of the Group was as follows.

Year ended December 31, 2018 (Millions of yen)

Reportable segment Segment total Reconciliations

*2 Consolidated *1 Beverages and

foods Alcoholic beverages Others

Revenue (including excise taxes) 1,286,582 1,015,915 214,760 2,517,258 － 2,517,258


External customers 1,286,582 749,439 214,760 2,250,782 － 2,250,782

Intersegment 7,673 4,655 11,753 24,083 (24,083) －

Total revenue 1,294,256 754,095 226,514 2,274,865 (24,083) 2,250,782

Segment profit 135,344 133,040 25,370 293,755 (42,896) 250,859

(Note) *1. Segment profit agrees with operating income presented in the consolidated statement of profit or loss. *2. “Reconciliations” to segment profit or loss represent overhead costs incurred by the Company to manage the

Group's operations and are not allocated to the reportable segments.

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Year ended December 31, 2019

(Millions of yen)

Reportable segment Segment total Reconciliations

*2 Consolidated *1 Beverages and

foods Alcoholic beverages Others

Revenue (including excise taxes) 1,291,732 1,047,908 229,589 2,569,230 － 2,569,230


External customers 1,291,732 773,382 229,589 2,294,704 － 2,294,704

Intersegment 7,653 5,037 11,666 24,356 (24,356) －

Total revenue 1,299,385 778,419 241,255 2,319,061 (24,356) 2,294,704

Segment profit 135,726 144,330 25,779 305,836 (46,190) 259,646

(Note) *1. Segment profit agrees with operating income presented in the consolidated statement of profit or loss. *2. “Reconciliations” to segment profit or loss represent overhead costs incurred by the Company to manage the

Group's operations and are not allocated to the reportable segments.

(3) Information about geographical areas Geographical areas other than Japan are comprised of the following countries:

Americas: United States of America and others Europe: France, UK, Spain, and others Asia and Oceania: Vietnam, Thailand, Australia and others

1. Revenue (including excise taxes) from external customers was as follows:

(Millions of yen)

Japan Americas Europe Asia and Oceania Total

Fiscal year ended December 31,2018 1,498,126 355,088 321,408 342,634 2,517,258


(Note) Revenue (including excise taxes) is allocated into countries or areas based on the customers' locations for the analysis above.

2. Revenue (excluding excise taxes) from external customers was as follows:

(Millions of yen)

Japan Americas Europe Asia and Oceania Total



(Note) Revenue (excluding excise taxes) is allocated into countries or areas based on the customers' locations for the analysis above.

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